Hi, As yesterday was difficult to call I have posted a copy of last nights forexmentorpro members analysis & videos below. Normally these are only available free on this free blog at the week-end.
Hopefully our USA members had the day off Today & more importantly enjoyed the long week-end. Most forex pairs had very little movement and therefore we are still in a “wait & see mode” as nothing has changed from Yesterday. This was to be expected & if you are new this will no doubt be very frustrating – hey I’m frustrated and I have to write this stuff 
This is forex. If you like your life on an even, regular pattern then forex will drive you nuts! We have periods of intense boredom & indecision (these are very dangerous times as often you will take stupid trades just to do SOMETHING I have been there and done that too). These periods are then often followed by explosive & potentially profitable moves, so you have to be patient & disciplined and yet be ready to to go back to 100% concentration in the blink of an eye.
In general I am going to wait and see what happens tomorrow BUT there is a lot of news that could be the catalyst that we need to spark some movement, so check your calendars carefully. Often reactions to news can be more extreme than normal as traders all over the world are sat with their fingers on the trigger. Once again look carefully at the bollinger bands on the daily charts, these have been hugely significant in recent weeks.
Having said all that I show you in tonights video a few potential weekly trades that have been lining up & are coming to crucial areas now. Much of tonights analysis is concentrated on these possible weekly moves, so you do not have to rush in to trades. Also remember that if there is a stop on a weekly chart that needs to be 150 pips you only risk the same amount of money as normal.
So if you have a $2000 account and you are risking 3%/ $60 per trade. A 30 pip stop would mean you risk $2 per pip. A 150 pip stop = 40 cents.
Possible Weekly Moves all shown in tonights video
Chf/$: The Weekly trend line has held since March 2009. If it does break & close above at any point in the next few weeks (on the weekly chart) that will be a huge change of direction/reversal. So even if this possible trade fails we have a possible new trend. The weekly trend line is around 1.0360/1.0400 so if price gets up there tomorrow we need to look for clues on smaller time frames that price is going to react there. It will be more than current daily range so probability says it shouldn’t break here.
Euro/$: Has been sat on the weekly trend line/daily 200ema for over a month now after last Decembers big fall. Remember if the Chf goes up the Euro will go down 90%+ of the time, so never take both trades at once. A brave trader (not me) might long where we are now BUT as well as all the recent inactivity there is the second day of a major financial pow wow going on with Euro finance ministers discussing the problem of Greeces’ debt problems, so unexpected news tomorrow could make this pair race. More conservative approach is to wait and see. If price breaks below the 200ema on the daily again tomorrow then expect 1.4262 to be a difficult area to break. This is the weekly 55ema and would be near an average days range for the Euro. This could be the best entry for a weekly long.
Having said all of that the are ongoing rumours that the Euro is due a big fall. The flip size of this is a break out and close below here tomorrow would have most traders thinking the Euro is going to tank. Be patient and wait & see what happens is my best advice.
$/Yen: We missed a perfect entry on the weekly here 3 weeks ago (easy with hindsight). This weekly trend line has also held for over a year and is currently around 93.20. I doubt that that price will get there tomorrow but if it does then that is the place to be looking. Alternatively if tomorrows daily candle breaks & closes below 90.50 we will be looking for a potential short at the close of tomorrows daily candle.
Two other possible moves tomorrow: Both are counter trend so I will only risk half my usual stake.
Aud: Possible short @ 0.9400. Look at gold for clues again
Cad: Still waiting for possible long at weekly double bottom 1.0200/2020 area. Be careful though. As i said the other day this is know as “trying to catch a falling knife” Also best not attempted around the big cad news.
Have a great day. Things can only get better and we will move on to easier times. Have faith Regards, marc
If You would like to receive daily analysis like this check out my low cost forex mentoring site, click on the following link:
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